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Corporation Tax Act 2010

Corporation Tax Act 2010

2010 CHAPTER 4

Introduction

Part 9: Leasing plant or machinery

Chapter 2: Long funding leases of plant or machinery
Section 378: Lessee under long funding finance lease: termination

1157.This section avoids double taxation by excluding from the lessee’s calculation of its profits for corporation tax purposes any sum received by the lessee in relation to a long funding finance lease which is calculated by reference to “termination value”. It is based on section 502J of ICTA.

1158.Such sums must, however, be brought into account as part of the disposal value for the purpose of capital allowances (see subsection (3) and section 70E of CAA).

1159.Subsection (4) is new and provides a signpost to the definition of “termination value”.

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